29 Apr '11, 6pm

Will Big Oil and Oil Speculators Take the Enron Fall? via @greentechmedia

If that was the case, speculation wouldn’t be speculation, which resembles gambling, it would be simple expropriation of money. If the end customers decide not to buy because the price is too high, then they are stuck with physical commodity, and the storage cost thereof. So speculators can lose as well as win at the game. Now if the speculator wons a grainelevator, he can choose to store it for a later day, but then he is affecting supply. The ability to affect the price comes from being able to withhold supply, or withhold demand (refuse to buy at the offered price). For a period of time people can buy oil, and store it in tankers, but that isn’t free, and the supply of tankers is small. You can also temprarily affect demand by causing a panic. If a hundred million car owners decide they want to fill their tanks, at an average of say ten gallons each that is a billion ga...

Full article: http://www.greentechmedia.com/articles/read/will-big-oil-...

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